Court orders FB to submit report on Blue Ocean fiasco
View(s):Colombo Chief Magistrate Asanga S. Bodaragama has directed the Criminal Investigations Division (CID) to arrest and produce those who posted fake news profiteering from trading in shares in the Colombo Stock Exchange (CSE) through social media.
The magistrate also ordered a report on the perpetrators’ accounts to the Facebook meta platform, after the CID made submissions to court.
This came after Blue Ocean Securities Ltd, identified as a fraudulent entity, lacking the necessary licencing from the Securities and Exchange Commission (SEC) to engage in securities trading on behalf of investors. The company has been accused of enticing customers to deposit funds into specific accounts and this was detected by an alert SEC, with its state-of-the-art surveillance and supervision mechanism.
SEC Chairman Professor Harendra Dissabandara told the Sunday Times Business on Thursday that to protect the interest of the investors in line with the mandate given to the regulator, the SEC had informed the Central Bank Governor, the Immigration Department, the involved banks, the telcos that were involved, the CID and Computer Crimes Investigation Division, and had directed the CSE to further follow up to protect the investors and to safeguard the general public.
Analysts noted that suitable measures need to be in motion without delay by the relevant authorities before it becomes a full-blown mega scam in the country. This situation highlights the need for stricter regulatory oversight to protect investors from such scams and to ensure that financial institutions adhere to proper protocols when accepting new clients.
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